Bangalore bank chooses IBM cloud

IBM last week announced that Sree Charan Souharda Cooperative Bank has selected IBM SmartCloud to help it meet growing demand, add new customer services and to centralise mission-critical operations such as real-time transaction processing across its five branches in Bangalore, The Sacramento Bee reports.

As part of the agreement, the IBM SmartCloud will be used to deliver the Resilience for Core Banking solution from IBM Business Partner Infrasoft Technologies. With this technology on the IBM SmartCloud, Sree Charan Souharda Cooperative Bank will be better able to align its business processes with predictive analytics and offer enhanced financial solutions to its customers, including Internet banking, online money transfer, ATM services and mobile banking.

In addition, with new regulations shaping customer expectations from co-operative banks in India, these banks have an increased focus on IT-related compliance in order to effectively compete against other private banks, IBM writes.

“In today's globally interconnected world, our customers have increased expectations for better services, particularly in the areas of Internet and mobile banking. New, more sophisticated and intelligent technologies can empower, change and create opportunities for our bank to deliver these services and at the same time manage growth, risk and efficiency,” said BV Dwarakanath, chairman of Sree Charan Co-operative Bank.

“By implementing the cost-effective, state-of-the-art Core Banking Solution being delivered via the IBM cloud, we will be able to operate on a centralised network twice as fast as the existing set-up. This solution is also helping us reduce the burden of upfront capital expenditure and move to a pay-as-you-use model.”